CardConnect, formerly known as Financial Transaction Services, is an independent credit card processing subsidiary of First Data (now Fiserv), and the primary sales agent network for First Data/Fiserv.
Fiserv’s CardConnect is an online payment processor, which offers a virtual terminal, mobile credit card processing app, and a card reader. They also provide CoPilot, a way for ISOs to track their portfolios and revenue flow.
CardConnect has many monthly fees, including an annual fee of up to $288, a monthly minimum fee of $25, a PCI non-compliance fee of $19.95 per month, and other fees.
CardConnect offers a virtual terminal and payment gateway, CardPointe, for e-commerce merchant services. Pricing and fees for this service are not disclosed on either service.
CardConnect provides merchant services for B2B and B2G transactions that require a different payment processing technology and POS systems than traditional consumer credit card transactions.
CardConnect provides merchant services for B2B and B2G transactions that require a different payment processing technology and POS systems than traditional consumer credit card transactions.
CardConnect offers tiered pricing, which is likely to vary depending on the sales agent and the type of business. The company’s contract terms are not competitive with other merchant account providers.
CardConnect received over 100 complaints from customers, some of which express opinions that the company conducts unethical business practices.
Two of the rebuttals issued by CardConnect representatives were less than professional and bordered on rude, and we assume that the current company culture and customer service is not reflective of these comments.
In 2016, CardConnect was sued for misleading merchants regarding contractual language, and agreed to a settlement of $7.65 million in 2021.
The Better Business Bureau awarded CardConnect an “A” rating despite growing number of complaints. Of the 74 complaints, only 22 were resolved to the customer’s satisfaction.
CardConnect partners with independent sales agents to market and sell its credit card processing and point-of-sale services, but the commissions for those agents are tied to the prices and lease terms of the merchant account.
CardConnect suffers from a lack of disclosure on contract terms, including predatory clauses such as non-cancellable leases on equipment.
The comment section below this review includes several reports of deceptive sales practices, including one allegation of forgery. CardConnect’s customer service department responded to a few of these comments, but we recommend seeking an audit.
CardConnect is a poorly rated merchant services provider and credit card processor. It can improve its rating by lowering or eliminating its early termination fee and improving its sales practices.
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